Big Claims by IMF on AI and the Future of Work

AI to hit 40% of jobs and worsen inequality, IMF says

Hey Everyone,

The IMF is making rather large claims about the disruptive power of Generative A.I. They said in a recent blog that “(we’re on) the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality.”

Their insights were widely reported across global media outlets.

The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 190 member countries. It does so by supporting economic policies that promote financial stability and monetary cooperation, which are essential to increase productivity, job creation, and economic well-being.

Mandate of the IMF

The IMF has three critical missions:

1. Furthering international monetary cooperation

2. Encouraging the expansion of trade and economic growth

3. Discouraging policies that would harm prosperity.

To fulfill these missions, IMF member countries work collaboratively with each other and with other international bodies.

Around the time of the Davos meetings we always get reminded of this. The world’s richest five men have more than doubled their fortunes since 2020, the charity Oxfam has said, sounding the alarm about unchecked corporate power as business elites hold their high-profile annual gathering in Davos, Switzerland.

The five men are worth a combined $869bn after growing their fortunes at a rate of $14m per hour during the past four years, Oxfam said in its report “Inequality Inc.”, released on Monday.

AI likely to Hurt Inequality